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of the aisle trying to take some credit for. but yet as much as that's true, remember, george w. bush spent a lot of dough, the president, current president, president barack obama, ramped it up. there was no chirping then. i didn't hear chirping going we're going to hit $16 trillion at midnight, let's party! no. but the effects of less government spending definitely going to slow things down because you're not paying for it but it's a good thing. somebody broke the silence, i think it was bank of america, victoria mcgrain from "wall street journal" wrote a piece on wall street journal.com and it talks about the agenda for jackson hole. it's august 22nd to 24th. think about what i was saying. wouldn't it be nice if central bankers got together and tried to really figure out how to solve some of the structural issues? but the topics that were put forth, same old thing. the natural rate of interest, financial prices at zero lower bond, the transition of unconventional monetary policy. global liquidity, cross border cap flows. it seems to me that these are the same old topics, the crisis has c
. if he does follow through he looks as reckless as george w. bush seemed to be in going to iraq. a limited type of strike that the united states is talking about is unlikely to alter the balance of power on the battlefield and help the pfree syrian army all that much. what it might do is accelerate violence, accelerate the process of syria ripping itself apart. >> steven, just to put a period on it, given the calculus as we know it at this moment, do you think there will be a strike or not? >> i think it is unclear. i think it's 50/50 at this point with the british saying no and others saying that there needs to be international legal writ in order to do it. i'll be interested to see what secretary kerry has to say. of course, the administration is speaking bravely and saying that they have the capability to do it alone, which the united states certainly does. but just because you have the capability to do something doesn't necessarily mean that you should. >> surely the consequences are clo climbing down at this stage are huge. >> indeed. that's the corner that the administrati
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